[NYTr] Argentina Grateful for Venezuelan Bail-Out (US-Israeli anti-Iran Propaganda be Damned) Date: Thu, 9 Aug 2007 11:38:10 -0500 (CDT) Via NY Transfer News Collective * All the News that Doesn't Fit [Certain vocal Jews in Argentina may be doing the bidding of the US and Israel, but Argentina is paying no attention. -NYTr] Bloomberg - August 7, 2007 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOKPvUm.ybwg Venezuela Purchases $500 Million of Argentine Bonds By Alex Kennedy Venezuela bought $500 million of Argentine bonds yesterday and plans to buy $500 million more in the next few months, part of plan to use a surge in oil income to help regional allies. Venezuelan President Hugo Chavez and Argentine President Kirchner also agreed to cooperate on oil and gas exploration, production and distribution projects during meetings this week. In addition, Venezuela may buy bonds from Bolivia and Ecuador later this week, Chavez said. ``It's an effort for us to buy these bonds, but Argentina is freeing itself from Dracula, from the dictates of the International Monetary Fund,'' Chavez said today at a news conference in Buenos Aires broadcast by the Venezuelan state television station. Venezuela paid for the bonds with international reserves. The nation has bought $5.1 billion of securities from Argentina since 2005, helping its South American neighbor to avoid turning to international markets after its 2005 debt restructuring prompted lawsuits from bondholders in international courts. The two countries plan to build a natural gas liquefaction plant in Venezuela and a re-gasification plant in Argentina to help the nation meet its growing natural gas needs. The Venezuelan president said Argentina can count on access to all of Venezuela's oil and gas reserves it may need. Bolivar Rate The government plans to sell the Argentine bonds with Venezuelan bolivar bonds to Venezuelan investors to help meet demand for foreign currency assets, Venezuelan Finance Minister Rodrigo Cabezas said last week. Dollar-denominated bond sales help meet demand for foreign currency because the government allows Venezuelan investors to buy the debt with bolivars. Venezuela pegs the bolivar at the official exchange rate of 2,150 under restrictions imposed in February 2003. Venezuelans turn to unregulated markets when they can't get approval from the government's Foreign Exchange Administration Commission to buy dollars through the government at the official exchange rate. Venezuela has sold $1.25 billion of Argentine bonds to Venezuelan investors in two sales since November. *** AP via Miami Herald - August 8, 2007 http://www.miamiherald.com/news/americas/venezuela/story/196328.html ChC!vez buys $500M in Argentine bonds, wants more By Bill Cormier The Associated Press BUENOS AIRES -- Venezuelan President Hugo ChC!vez announced on a South American trip Tuesday his government has snapped up $500 million in Argentine bonds and is pursuing bond deals with leftist allies in Ecuador and Bolivia. At a news conference before flying to Uruguay on a swing that also will include Ecuador and Bolivia, ChC!vez praised Argentine President NC)stor Kirchner for their close ''friendship'' and said Venezuela intends to purchase another $500 million in Argentine bonds in the coming months. The new deals and negotiations are seen as a major push by ChC!vez to spread his petro-dollar influence and counter U.S.-backed free trade prescriptions. IMF CALLED `DRACULA' ChC!vez called it another step to help an allied nation free itself from the International Monetary Fund, which he likened to a vampire. ''Argentina is freeing itself from Dracula, breaking the chains of the International Monetary Fund,'' ChC!vez said at a televised news conference before heading to Uruguay to meet leftist President TabarC) VC!zquez. ChC!vez said Venezuela has acquired $5.1 billion in Argentine bonds over two years. ChC!vez said other bond deals are being negotiated with Presidents Rafael Correa of Ecuador and Evo Morales of Bolivia, with details to be announced ``in due time.'' In January 2006, Argentina repaid its entire remaining $9.6 billion debt to the International Monetary Fund, a move Kirchner made in the name of greater economic independence. Argentina defaulted on a record $100 billion in debt in 2001 but later renegotiated jilted creditors on terms of about 30 cents or less on the dollar. The Argentine economy has grown robustly since the 2001-2002 financial meltdown. ENERGY DEALS Meanwhile, ChC!vez said he plans to sign a series of ''energy security'' pacts with most countries on his stops, as with Argentina. The energy agreement announced with Kirchner on Monday called for cooperation on initiatives, including the distribution of natural gas through pipelines, joint oil refining projects and coordinated efforts on distributing power and alternative fuels. ChC!vez also said Venezuela would invest in a regasification plant for liquid natural gas for Argentina, which is currently weathering an energy crisis. He said the plant could be completed within two years, and local reports said it would cost at least $400 million. Leaders of Argentina's 200,000-plus Jewish community issued a statement opposing any further warming of ties with ChC!vez and objected to his visit because of the Venezuelan president's close ties with Iran. *** Dow Jones - August 7, 2007 http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070807%5cACQDJON200708071717DOWJONESDJONLINE000619.htm Venezuela Wants To Buy Or Build Refinery In Argentina -Chavez By Raul Gallegos CARACAS -- Venezuela wants to purchase or build a new refinery in Argentina so it can ship crude to its South American neighbor. "Right here we want to buy or build a refinery," President Hugo Chavez said Tuesday during a televised press conference in Buenos Aires. He didn't specify if state-owned company Petroleos de Venezuela is contemplating planning to purchase a particular refinery. In September 2005, PdVSA and Argentina's Enarsa said they would buy Rhasa, a small oil company that controls a 7,000-barrel-a-day refinery, but it's unclear what held up the deal. Early this year, news reports also claimed PdVSA and Enarsa would soon purchase Rhasa's assets. Both state-owned oil companies now jointly run two gas stations in Buenos Aires. * ================================================================= .NY Transfer News Collective * A Service of Blythe Systems . Since 1985 - Information for the Rest of Us . .339 Lafayette St., New York, NY 10012 http://www.blythe.org . List Archives: https://blythe-systems.com/pipermail/nytr/ . Subscribe: https://blythe-systems.com/mailman/listinfo/nytr =================================================================